Generalfinance (GF) Q4 2025 earnings summary

Executive summary

• Turnover reached EUR 3.87 billion in 2025, up 28% year-over-year, and net income/net profit rose 36% to EUR 28.8 million, both exceeding business plan and industry averages.

• Portfolio highly diversified, with 81% of receivables collected on time and 59 debtors per seller, supporting risk mitigation.

• Expanded international presence with new branches in Spain and Switzerland, and continued focus on high-risk SMEs and digital innovation.

• Dividend per share proposed at EUR 1.36, a 64% increase, with a 60% payout ratio for 2025.

Financial highlights

• Net banking income grew 37% to EUR 66.8 million, with net interest income up 45–46% and net commission income comprising 73% of total.

• Cost/income ratio improved to 30–30.5% in 2025, and ROE reached 41–41.3%.

• CET1 ratio at 13.1% and total capital ratio at 18–18.5%, both above regulatory requirements.

• Shareholders' equity increased 23% to EUR 98.4 million.

Outlook and guidance

• Revised business plan targets cumulative turnover of EUR 14 billion and net income of EUR 98 million for 2025–2027.

• 2026 guidance: turnover EUR 4.5 billion, net income EUR 32 million, payout ratio returning to 50–55%.

• 2027 net profit forecast revised upward to EUR 37 million, with ROE expected at 38%.

• Spain and Switzerland expected to contribute 7% of turnover and 5% of net income by 2027.